Whether you’re an independent contractor, business owner, or freelancer; you’ll need a pay stub generator for your employees. Keeping accurate and up-to-date financial information is challenging for all business owners. Not only is it important to you, but it’s important that your employees have this information for their records as well.
This quick guide will help you understand how to create pay stubs and why using online pay stubs might be the right choice for you.
How to Create Pay Stubs
There are a variety of ways that you can create a pay stub, but here are some of the ways you can do it with PayStubs 365.
Basic Pay Stubs
Sometimes keeping things simple is the way to go. Why complicate something that doesn’t need to be complicated? If that’s your motto, then using a basic pay stub generator might be the way to go. These contain all the necessary payment information such as hours worked, gross earnings, rate per hour, and so on. The advantage of a basic pay stub is that your employees can clearly see the information they need to know and nothing else.
Standard Pay Stubs
A standard or “traditional” pay stub offers the standard information you would expect to see on a pay stub. It’ll contain employee information like name and address. It’ll also display everything they would need to prove their income if they were applying for a loan, credit card, or mortgage. This includes the pay period, hours worked, per hour rate, current pay, overtime, and so on. This is a great choice for growing businesses with employees who need a standard amount of information on their pay stubs.
Advanced Pay Stubs
If you want to provide your employees with the maximum amount of information you could elect for an advanced pay stubs. These stubs will contain information such as marital status, exemptions, deductions, and pay periods. This will hold up best for employees who are applying for loans with very strict requirements. We find that these would be the most useful pay stubs for employees who are receiving large paychecks or potentially a lot of overtime. They might be applying for larger loans than employees being paid less and as a result, will need that extra information to help them get the loan.
Paper Pay Stubs vs Online Pay Stubs
When you’re choosing the best paystub generator, it can be hard to decide between an online or paper pay stub. The best thing about online pay stubs is that they’re the best of both worlds. It makes things a lot easier on you as the employer or manager but it also grants your employees the ability to receive their pay stubs how they want them.
If they happen to need to print out a pay stub to provide for something, they can do that on their own time or you can provide them with a way to print them out in your office or facility.
Keep in mind that some employees will always want a paper stub and if that’s the case, you can provide that yourself with online pay stubs as well.
Generate Pay Stubs Today
It’s important that you understand how to create pay stubs because these are valuable to business owners or employees applying for loans or simply trying to manage their finances. Generate pay stubs today with our pay stub generator for the simplest and most accurate pay stubs.